台灣自民國五十一年至九十七年期間歷經了七次的承銷制度改革，配售方式由原先的公開抽籤，歷經競價拍賣與公開抽籤並行，一直到民國九十三年，市場旋以詢價圈購為主流。本文除整理台灣承銷市場於此段時期的制度沿革外，並探究民國八十年至九十七年間，三種制度的施行是否直接地造成期初異常報酬的差異。
透過實證研究發現，初次上市上櫃公司選擇不同的承銷配售方式確實對期初報酬的影響程度確有著顯著的不同，而三種方式的期初報酬以詢價圈購為最高，公開申購次之，競價拍賣為價格發現能力最好的承銷配售方式，其結果與國外文獻相同。但對於制度改革而言，與期初報酬並沒有直接關連性。如民國八十四年就已開放詢價圈購方式，但由於其相關承銷規定背離市場習慣，導致此方式乏人問津，直至民國九十三年做更進一步的放寬限制，方才改變市場的承銷配售方式，由此可知法令變革的宣告並無法直接影響期初價格，而是待法令改革之後，實際落實於市場方會改變市場期初報酬的現象。 / There are seven main reforms of initial public offering methods in Taiwan during 1962 to 2008. From the fixed price method transform to auction, and in 2004 the bookbuilding became the mainstream in the IPO market. In this thesis we not only compile the reform processes in IPO methods in Taiwan capital market but also study the relationship between the initial returns and the IPO methods during 1991 to 2008.
Through the empirical studies, there are significant differences between the initial returns and three IPO methods. The auction owns the highest initial return and bookbuilding own the best price discovering mechanism. However the reform announcements could not affect the initial returns directly. The bookbuilding method is allowed in 1995 but due to deviating from custom, no firms applied it in the IPO until the further reform in 2004. The simple reform announcement could not affect the initial returns directly.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096357004 |
| Creators | 游為仰, Yu, Wei-Yang |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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